Economic Experiments: The Role of Entrepreneurship in Economic Prosperity

While entrepreneurship is central to economic growth, the role of entrepreneurship in prosperity has only recently begun to be evaluated systematically. This short essay considers the special role played by entrepreneurship in promoting economic experimentation, including its role in promoting technological experiments, market experiments, and organizational experiments. By focusing on the role of entrepreneurship in enhancing the diversity and learning of an economy, the economic experiments approach provides a more solid foundation for policy analysis and managerial practice.